Banc of California (BANC) Given Buy Rating at Piper Jaffray Companies
Piper Jaffray Companies restated their buy rating on shares of Banc of California (NYSE:BANC) in a report published on Thursday morning. Piper Jaffray Companies currently has a $25.00 price target on the bank’s stock.
Other equities research analysts also recently issued research reports about the company. FBR & Co reissued a buy rating and issued a $24.00 price objective on shares of Banc of California in a report on Thursday, October 26th. B. Riley downgraded Banc of California from a buy rating to a neutral rating and cut their price objective for the company from $25.00 to $20.00 in a report on Thursday, February 1st. Zacks Investment Research downgraded Banc of California from a strong-buy rating to a sell rating in a report on Tuesday, January 30th. ValuEngine raised Banc of California from a hold rating to a buy rating in a report on Friday, February 2nd. Finally, BidaskClub raised Banc of California from a sell rating to a hold rating in a report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Hold and an average price target of $22.60.
Banc of California (NYSE:BANC) opened at $19.10 on Thursday. The firm has a market cap of $966.29, a P/E ratio of 18.73, a PEG ratio of 1.63 and a beta of 0.95. Banc of California has a 52 week low of $17.10 and a 52 week high of $23.40. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96.
In related news, insider John A. Bogler acquired 20,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was bought at an average price of $19.30 per share, with a total value of $386,000.00. Following the acquisition, the insider now owns 37,500 shares in the company, valued at approximately $723,750. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 16.89% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. State Street Corp lifted its holdings in Banc of California by 13.5% during the 2nd quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock valued at $71,920,000 after purchasing an additional 397,611 shares during the last quarter. Channing Capital Management LLC acquired a new stake in Banc of California during the 3rd quarter valued at $48,607,000. Victory Capital Management Inc. lifted its holdings in Banc of California by 2.2% during the 4th quarter. Victory Capital Management Inc. now owns 1,538,602 shares of the bank’s stock valued at $31,773,000 after purchasing an additional 33,092 shares during the last quarter. EJF Capital LLC lifted its holdings in Banc of California by 19.5% during the 3rd quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock valued at $25,419,000 after purchasing an additional 200,000 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Banc of California by 22.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock valued at $19,287,000 after purchasing an additional 170,632 shares during the last quarter.
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About Banc of California
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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